In today's “digital age,” more and more processes are becoming digital or automated. This is especially true in the financial industry. Over the years, primary methods for financial transactions have evolved from cash to checks to credit and debit cards. More recently, technology has become available that permits for “contactless” transactions. For instance, a contactless payment is a payment where a customer pays a purchase amount without handing a payment card or a payment device to a cashier at the point-of-sale (POS) and without swiping the magnetic stripe of a payment card through a payment terminal (also sometimes referred to as a POS terminal). Although physical contact between the payment device and the payment terminal may still occur in a contactless payment environment, physical contact between the payment device and the payment terminal is not necessary for transmission of the payment information from the payment device to the payment terminal.
However, to date, automated teller machines (ATMs) have remained “contact” terminals requiring swiping of a magnetic stripe of a payment card or similar function. The absence of contactless functionality with ATMs in the marketplace is largely due to security issues and the differences in data that must be transmitted and processed versus a typical POS payment terminal. Thus, a need presently exists for a product that permits a user to engage in a contactless transaction with an ATM.